Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 63.2bn, rose 230.3bn compared with the same period last year. Key positives came from higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.59x
- P/B
- 0.49x
- EPS
- 512
- BVPS
- 8,911
- ROE
- 5.9%
- ROA
- 2.0%
- Market price
- 4,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BTS has not accelerated revenue sharply, but profitability is improving visibly — this marks a reversal from the difficult phase before. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 608.0 | 848.7 | 521.8 | 672.2 | 613.9 | 769.8 | 633.2 | 691.7 |
| LNST | 3.0 | 37.6 | 10.1 | 12.4 | -28.5 | -75.9 | -26.2 | -36.5 |
| Net margin | 0.50% | 4.43% | 1.93% | 1.85% | -4.65% | -9.86% | -4.14% | -5.27% |
Revenue
608bnNet income
3bnNet margin
0.50%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins improved (+8.6pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 2.38%, rising 8.6pp. Core operating signals are improving as Gross margin rose 8.4pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.38% +8.6pp
- Gross Margin
- 9.09% +8.4pp
- SG&A / Revenue
- 6.52% +0.4pp
- Non-core / Revenue
- −0.18% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Non-core sources accounts for 101.5% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
▼ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.78x equity, net debt at 0.92x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 8.4pp YoY to 9.09% (TTM).
Gross margin (TTM): 9.09% · YoY +8.4pp
Inventory 619.5bn — 19.19% of total assets, above the materials-group median (13.00%); ≈ 94 days of sales. Inventory is growing faster than revenue (18.75% vs −2.13% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 19.19% (group median 13.00%)
Days inventory outstanding: 94
Inventory ended the period at 525.3bn, roughly 17.2% of total assets.
Over the last 12 months, working capital absorbed 96.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 8.1 days versus the same period last year. The main moves came from DIO rose 10.3 days, DSO rose 6.0 days, and DPO rose 8.2 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +8.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +6.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −14.9% to 5.9% — all three components improved.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.92x and interest coverage only at −0.01x.
At present, short-term debt accounts for 90.0% of total debt, cash equals 6.9% of debt, and total debt stands at 1,090.0bn.
Interest coverage is −0.01x, leaving limited room to absorb financing costs.
Short-term debt accounts for 90.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.92x −0.17x
- Interest Coverage
- −0.01x +2.98x
- Cash / Debt
- 6.9% +2.0pp
- Short-term Debt / Total Debt
- 90.0% +2.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 196.1bn in 2025, against investing cash flow of -63.9bn.
Post-investment cash flow was positive +132.3bn. Financing cash flow was negative +79.3bn.
CFO / net income was 3,04 lần.
After spending +62.1bn on fixed-asset investment, the business generated trailing free cash flow of +130.3bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 8.6 pp. The next item to monitor is the earnings mix, when non-core contribution is −109.2%. The main risk still sits in leverage and liquidity, with interest coverage at −0.01x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.38% after expanding 8.6pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.04x. Even so, net financial result still accounts for −109.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.01x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −2,1% YoY decline.
Ability to hold margins around the current 2.38% level.
Cash-flow quality, with operating cash flow currently at 196.1bn in 2025.
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